Denial of contents of news report on multinational accounting/audit firms
The Institute’s attention was drawn to certain news reports giving the impression that the Institute has mooted a proposal to open doors for MNC audit firms to operate in India.Consequent upon the Satyam scandal coming to light, the Council of ICAI had constituted a High Powered Committee to look into the matter. The said Committee prepared a report covering “Satyam fiasco”. The Council, on consideration, has submitted its recommendations to the Government in two parts – one in July, 2009 and another in May, 2010. Both these reports cover matters relating to “Satyam fiasco” only.
As such, neither the ICAI nor any of its Committees including the High Powered Committee has made any proposal to open doors to MNC audit firms.
I thought they are already in this Foray under some umbrella controlling the audit assignmnets